CALGARY, April 21, 2014 /CNW/ - Connacher Oil and Gas Limited (TSX: CLL)
("Connacher" or the "Company") provides the following operational
update for the first quarter 2014 ("Q1 2014").

Production and Operations

Based on field estimates, Connacher's Great Divide production for Q1
2014 averaged 13,400 bbl/d. Production was 18 per cent higher than the
prior quarter (Q4 2013 - 11,400 bbl/d).

On March 7, 2014 the Company experienced a natural gas supply pipeline
leak at Algar. The Algar plant was taken off line for approximately
four days on March 9 to complete the repair and was placed back on-line
on March 12, 2014. Production and operations were quickly restored.

Drilling was completed on six of the nine planned infill wells as of
mid-April. The remaining three infill wells will be drilled during the
second quarter. These wells will then be completed, tied into the
facilities, steamed for approximately 30 days and are expected to begin
impacting production in the fourth quarter.

Marketing

In Q1 2014, the volume of bitumen moved to customers outside of Alberta
averaged approximately 7,872 bbl/d (59 per cent of total bitumen sales)
compared to approximately 7,426 bbl/d (65 per cent of total bitumen
sales) in Q4 2013. The balance of the bitumen sales were to
intra-Alberta markets.

Q1 2014 Conference Call Details

Connacher will host its quarterly conference call on May 15, 2014 at 8AM
MDT. Interested participants can call in to (888) 231-8191. Please use
the Conference ID# 27180361. Participants are encouraged to call in 5 minutes prior to commencement.

Annual General Meeting

The annual general meeting of shareholders of the Company is scheduled
to be held in Calgary at 2PM MDT on May 15, 2014 at the Hyatt Regency
Calgary, Alberta. At the meeting, shareholders will be voting on the
election of directors and the appointment of auditors.

About Connacher

Connacher is a Calgary-based in-situ oil sands developer, producer and
marketer of bitumen. The Company holds a 100 per cent interest in
approximately 450 million barrels of proved and probable bitumen
reserves and operates two steam assisted gravity drainage facilities
located on the Company's Great Divide oil sands leases near Fort
McMurray, Alberta.

Forward Looking Information Forward looking information is based on management's expectations
regarding the Company's future financial position, the Company's future
growth, results of operations and production, future commodity prices
and foreign exchange rates, future capital and other expenditures
(including the amount, nature and sources of funding thereof), plans
for and results of drilling activity, environmental matters, business
prospects and opportunities and future economic conditions. Forward
looking information involves significant known and unknown risks and
uncertainties, which could cause actual results to differ materially
from those anticipated. These risks include, but are not limited to:
the risks associated with the oil and gas industry (e.g., operational
risks in development, exploration and production; delays or changes in
plans with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve and resource estimates, the
uncertainty of geological interpretations, the uncertainty of estimates
and projections relating to production, costs and expenses, and health,
safety and environmental risks), risk of commodity price and foreign
exchange rate fluctuations, risks associated with the impact of general
economic conditions, risks and uncertainties associated with
maintaining the necessary regulatory approvals and securing the
financing to proceed with the operation and continued expansion of the
Great Divide oil sands project.

In addition, reported average production levels may not be reflective of
sustainable production rates and future production rates may differ
materially from the production rates reflected in this press release
due to, among other factors, difficulties or interruptions encountered
during the production of bitumen.

Additional risks and uncertainties affecting Connacher and its business
and affairs are described in further detail in Connacher's Annual
Information Form for the year ended December 31, 2013. Although
Connacher believes that the expectations in such forward looking
information are reasonable, there can be no assurance that such
expectations shall prove to be correct. The forward looking information
included in this press release is expressly qualified in its entirety
by this cautionary statement. The forward looking information included
herein is made as of the date of this press release and Connacher
assumes no obligation to update or revise any forward looking
information to reflect new events or circumstances, except as required
by law.